ViewPoint Financial Group, Plano, Texas, has agreed to purchase Highlands Bancshares, and its subsidiary bank, First National Bank of Jacksboro, in a stock deal valued at $71 million.
Under the terms of the agreement, each outstanding share of Highlands common stock will be exchanged for 0.6636 shares of ViewPoint stock upon closing.
The privately held First National operates in the Dallas marketplace as Highlands Bank. It has just over $500 million in assets and is considered a commercial bank. ViewPoint is publicly traded under the symbol VPFG.
ViewPoint, on the other hand, has a large presence in warehouse financing to nonbank mortgage firms. At the end of September ViewPoint had $910 million of commitments on its books and roughly 34 active lines.
At the end of the third quarter it had $465 million of outstanding warehouse loans, giving it a usage rate of just over 50%.
ViewPoint was advised on the transaction by Sandler O'Neill & Partners. Commerce Street Capital, LLC and FBR Capital Markets & Co. advised Highlands.
